Matthew Freud has waived the option to take a multi-million pound dividend payout as his PR agency group, Freud Communications, enjoyed a 30% increase in profits thanks to client wins, including the London 2012 Olympics.

After taking full control, Freud decided to invest more cash into growing the business, and as a result the latest Companies House filing for 2011 shows that he was not paid a dividend.

His salary is not known, although a Freud spokeswoman confirmed that he is not the highest paid director – that is an unnamed person who received £378,000.

Freud is unlikely to have to tighten his belt, however, having made about £2m selling his holding in M&C Saatchi, the advertising agency founded by brothers Charles and Maurice Saatchi, earlier this year.

He continues to hold a stake in Engine Group, which owns ad agency WCRS which has clients including BMW and BSkyB, and YouGov.

Freud's UK and international PR and marketing agencies fired on all cylinders in 2011, with pre-tax profits up 29.6% year-on-year from £6.9m to £8.9m.

Operating profits grew by 28% year-on-year to almost £9m, as revenue rose 7.6% to just shy of £40m. About 70% of Freud Communication's revenues comes from UK operations. The operating margin grew from 27.7% in 2010 to 32.5% in 2011.

Freud Communication's coffers were bolstered thanks to a major contract with London 2012, as lead PR agency for ticketing, volunteering and the torch relay programme.

This fed a major chunk of income into the bottom line last year, despite the event not kicking off until this summer.

Freud also added Vodafone and maintained its longstanding international relationship's with Mars and PepsiCo.

The company had £9.12m in cash on its books as at 31 December.

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